20 unchanged sentences
• Demand for our services;
−Removed: • The impact of the coronavirus (COVID-19) pandemic.
+Added: • The impact of the COVID-19 pandemic.
Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report.
3 unchanged sentences
• Development and rate of adoption of alternative energy sources;
−Removed: • The impact of existing and future laws and regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
+Added: • The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability to obtain necessary permits and approvals, and achieve favorable rate proceeding outcomes;
• Our exposure to the credit risk of our customers and counterparties;
32 unchanged sentences
The financial condition of our natural gas transportation and midstream businesses is dependent on the continued availability of natural gas supplies in the supply basins that we access and demand for those supplies in the markets we serve.
−Removed: Our ability to maintain and expand our natural gas transportation and midstream businesses depends on the level of drilling and production by third parties in our supply basins.
+Added: Our ability to maintain and expand our natural gas transportation and midstream businesses depends on the level of drilling and production predominantly by third parties in our supply basins.
Production from existing wells and natural gas supply basins with access to our pipeline and gathering systems will naturally decline over time.
9 unchanged sentences
Alternative fuel sources such as electricity, coal, fuel oils, or nuclear energy, as well as technological advances and renewable sources of energy, could reduce demand for natural gas in our markets and have an adverse effect on our business.
+Added: Governmentally imposed constraints, such as prohibitions on natural gas hookups in newly constructed buildings, could also artificially limit new demand for natural gas.
A failure to obtain access to sufficient natural gas supplies or a reduction in demand for our services in the markets we serve could result in impairments of our assets and have a material adverse effect on our business, financial condition, results of operations, and cash flows.
3 unchanged sentences
Prices affect the amount of cash flow available for capital expenditures and our ability to borrow money or raise additional capital.
−Removed: Price volatility has and could continue to have an adverse effect on our business, results of operations, financial condition, and cash flows.
+Added: Price volatility has had and could continue to have an adverse effect on our business, results of operations, financial condition, and cash flows.
The markets for natural gas, NGLs, oil, and other commodities are likely to continue to be volatile.
25 unchanged sentences
In addition, acts of sabotage or eco-terrorism could cause significant damage or injury to people, property, or the environment or lead to extended interruptions of our operations.
−Removed: Any such event that delays or prevents the expansion of our business, that interrupts the revenues generated by our operations, or which causes us to make significant expenditures not covered by insurance, could adversely affect our financial condition and results of operations.
+Added: Any such event that delays or prevents the expansion of our business, that interrupts the revenues generated by our operations, or which causes us to make
+Added: significant expenditures not covered by insurance, could adversely affect our financial condition and results of operations.
We may not be able to grow or effectively manage our growth.
22 unchanged sentences
The operations of our current non-wholly-owned subsidiaries, including the Partially Owned Entities, are conducted in accordance with their organizational documents.
−Removed: We anticipate that we will enter into more such arrangements, including through new joint venture structures or new Partially Owned Entities.
−Removed: We may have limited
−Removed: operational flexibility in such current and future arrangements and we may not be able to control the timing or amount of cash distributions received.
+Added: We anticipate that we will enter into more such
+Added: arrangements, including through new joint venture structures or new Partially Owned Entities.
+Added: We may have limited operational flexibility in such current and future arrangements and we may not be able to control the timing or amount of cash distributions received.
In certain cases:
42 unchanged sentences
Companies across all industries are facing increasing scrutiny from stakeholders related to their environmental, social and governance (“ESG”) practices.
−Removed: Investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments.
+Added: Investor advocacy groups, institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments.
Regardless of the industry, investors’ increased focus and activism related to ESG and similar matters may hinder access to capital, as investors may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s ESG practices.
40 unchanged sentences
An event such as those described above could have a material adverse effect on our financial condition and results of operations, particularly if the event is not fully covered by insurance.
−Removed: We face risks related to the COVID-19 pandemic and other health epidemics
−Removed: The global outbreak of the coronavirus (COVID-19) is currently impacting countries, communities, supply chains, and markets.
−Removed: We provide a critical service to our customers, which means that it is paramount that we keep our employees safe.
−Removed: We cannot predict whether, and the extent to which, COVID-19 will have a material impact on our business, including our liquidity, financial condition, and results of operations.
−Removed: COVID-19 poses a risk to our employees, our customers, our suppliers, and the communities in which we operate, which could negatively impact our business.
−Removed: To the extent that our access to the capital markets is adversely affected by COVID-19, we may need to consider alternative sources of funding for our operations and for working capital, any of which could increase our cost of capital.
−Removed: Measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, and shutdowns, may cause us to experience operational delays or to delay plans for growth.
−Removed: The extent to which COVID-19 may impact our business will depend on future developments, which are highly uncertain and cannot be predicted, including new information concerning the severity of COVID-19 and the actions taken to contain it or treat its impact, among others.
−Removed: To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other factors described in this report.
Our assets and operations, as well as our customers’ assets and operations, can be adversely affected by weather and other natural phenomena.
9 unchanged sentences
We have invested, and expect to continue to invest, significant time, manpower and capital in our information technology infrastructure.
−Removed: However, the age, operating systems, or condition of our current information technology infrastructure and software assets and our ability to maintain and upgrade such assets
−Removed: could affect our ability to resist cybersecurity threats.
+Added: However, the age, operating systems, or condition of our current information technology infrastructure and software assets and our ability to maintain and upgrade such assets could affect our ability to resist cybersecurity threats.
While we believe that we maintain appropriate information security policies, practices, and protocols, we regularly face cybersecurity and other security threats to our information technology infrastructure, which could include threats to our operational industrial control systems and safety systems that operate our pipelines, plants, and assets.
4 unchanged sentences
In addition, the breach of certain business systems could affect our ability to correctly record, process and report financial information.
−Removed: Breaches in our information technology infrastructure or physical facilities, or other disruptions including those arising from theft, vandalism, fraud, or unethical conduct, could result in damage to or destruction of our assets, unnecessary waste, safety incidents, damage to the environment, reputational damage, potential liability, the loss of contracts, the imposition of significant costs associated with remediation and litigation, heightened regulatory scrutiny, increased insurance costs, and have a material adverse effect on our operations, financial condition, results of operations, and cash flows.
+Added: Breaches in our information technology infrastructure or physical facilities, or other disruptions including those arising from theft, vandalism, fraud, or unethical conduct, could result in damage to or destruction of our assets, unnecessary waste, safety incidents, damage to the environment,
+Added: reputational damage, potential liability, the loss of contracts, the imposition of significant costs associated with remediation and litigation, heightened regulatory scrutiny, increased insurance costs, and have a material adverse effect on our operations, financial condition, results of operations, and cash flows.
If third-party pipelines and other facilities interconnected to our pipelines and facilities become unavailable to transport natural gas and NGLs or to treat natural gas, our revenues could be adversely affected.
18 unchanged sentences
We were the target of a proxy contest from a stockholder activist, which resulted in our incurring significant costs.
−Removed: If stockholder activists were to again take or threaten to take
−Removed: actions against the Company or seek to involve themselves in the governance, strategic direction or operations of the Company, we could incur significant costs as well as the distraction of management, which could have an adverse effect on our business or financial results.
+Added: If stockholder activists were to again take or threaten to take actions against the Company or seek to involve themselves in the governance, strategic direction or operations of the Company, we could incur significant costs as well as the distraction of management, which could have an adverse effect on our business or financial results.
In addition, actions of activist stockholders may cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.
54 unchanged sentences
While we attempt to manage counterparty credit risk within guidelines established by our credit policy, we may not be able to successfully manage all credit risk and as such, future cash flows and results of operations could be impacted by counterparty default.
+Added: The difference in accounting treatment for the underlying position and the financial instrument used to hedge the value of the contract can cause volatility in our reported net income while the positions are open due to mark-to-market accounting.
Our and our customers’ access to capital could be affected by financial institutions’ policies concerning fossil- fuel related businesses .
48 unchanged sentences
Several legislative bills have been introduced in the United States Congress that would require carbon dioxide emission reductions.
−Removed: Previously considered proposals have included, among other things, limitations on the amount of GHGs that can be emitted (so called “caps”)
−Removed: together with systems of permitted emissions allowances.
+Added: Previously considered proposals have included, among other things, limitations on the amount of GHGs that can be emitted (so called “caps”) together with systems of permitted emissions allowances.
These proposals could require us to reduce emissions or to purchase allowances for such emissions.
6 unchanged sentences
General Risk Factors
+Added: We face risks related to the COVID-19 pandemic and other health epidemics.
+Added: The global outbreak of the coronavirus, including its variants (COVID-19) is currently impacting countries, communities, supply chains, and markets.
+Added: We provide a critical service to our customers, which means that it is paramount that we keep our employees safe.
+Added: We cannot predict whether, and the extent to which, COVID-19 will have a material impact on our business, including our liquidity, financial condition, and results of operations.
+Added: COVID-19 poses a risk to our employees, our customers, our suppliers, and the communities in which we operate, which could negatively impact our business.
+Added: To the extent that our access to the capital markets is adversely affected by COVID-19, we may need to consider alternative sources of funding for our operations and for working capital, any of which could increase our cost of capital.
+Added: Measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter in place orders, and shutdowns, may cause us to experience operational delays or to delay plans for growth.
+Added: The extent to which COVID-19 may impact our business will depend on future developments, which are highly uncertain and cannot be predicted, including new information concerning the severity of COVID-19 and the actions taken to contain it or treat its impact, among others.
+Added: To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the effect of heightening many of the other factors described in this report.
We do not insure against all potential risks and losses and could be seriously harmed by unexpected liabilities or by the inability of our insurers to satisfy our claims.
18 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.